21st Money Crypto Miner Report

← More Cryptocurrency News

Blockchain News

21st Money Crypto Miner Report

By The 21st Money Team
September 5th, 2018

What’s Hot and What’s Not

The three largest cryptocurrency mining operations in the world, all based in China, have drawn their swords and raised them up high. The words "one for all and all for one"sounds appropriate for this occasion. Although this time it's not being said to signify unity similar to the Three Musketeers. The words can be interpreted to mean 'not by yourself Bitmain,' we want our share of the pie too. "One for all," for these big three means an IPO will be sold for each one of them. Canaan Incorporated, the second largest mining operation in the world and Ebang International Holdings, the third largest, have all filed for IPOs to be sold through the Hong Kong Stock Exchange.

Word on the street is, that Bitmain's IPO will be brought to the public sometime next month. The official date is highly anticipated since the proposed US $2 billion dollar deal is one of the largest deals of all time. Canaan filed for their IPO in May, and Ebang filed for theirs in June. Canaan was told by the Hong Kong Exchange some of its procedures needed to be revised. After they comply with the Exchanges' requirements we can expect the launch date to be announced. Ebang has a meeting scheduled for September with the Hong Kong Stock Exchange Listing Committee. And it looks like they may move from their number three ranking because of the bump in the road felt by Canaan.

Ebang is proposing to raise $1 billion through their IPO. Ebang has reported $141 million of revenue for 2017, a figure 18 times higher than the previous year. They attribute almost 95% of the revenue to the sales of the ASIC (Application Specific Integrated Circuits) miners they manufacture. While Canaan's proposing to raise $400 million through the sale of their IPO. They too have reported growth sixfold over the prior year. Unfortunately, Canaan May have to wait until 2019 to even be on a level playing ground with their two largest rivals. They still have not arranged for a meeting with the Hong Kong Stock Exchange Listing Committee. 
Be assured that Canaan is not out of reach of its competitors. It has been reported that Canaan is supported by Deutsche Bank, Credit Suisse, Morgan Stanley, CMB International, and Credit Suisse. Those are the right people to have on a winning team. This crew of characters makes Canaan Incorporated's evolution from private to public, something that deserves attention. Bear in mind there are about 630 days left before Bitcoin cuts its mining reward in half from 12 ½ coins to 6 ¼ coins. That may cause quite a ripple throughout the crypto markets.

Copyright Disclaimer: Information provided by 21stmoney.com is protected under copyright law. Any republication or misuse of this information will be considered a violation of that copyright and violators will be prosecuted to the full extent of the law. Risk Disclaimer: None of the information provided by 21stmoney.com constitutes an investment recommendation or investment advice. Any data or content provided by 21stmoney.com should not be relied upon for any investment activities. All trades, ideas, forecasts, charts, etc., on 21stmoney.com and in the articles and content of21stmoney.com that appear on other affiliates and websites, are for illustrative purposes only and not to be interpreted as specific advisory recommendations. 21stmoney.com strongly recommends that you perform your own independent research. Investing and/or trading carry a substantial risk of loss that may or may not be appropriate for your individual financial risk tolerance. We recommend you speak to a qualified investment professional before making any financial decisions. In some instances21stmoney.com may receive compensation for providing 3rd party offers to visitors or registrants.